Your KiwiSaver funds will become part of your estate when you die. Make sure the person looking after your will knows who your provider is. Heads up. We're taking you to our old site, where the page you asked for still lives.
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Some KiwiSaver providers require 15 working days to process applications. Due to the importance of these dates, it is vital that you contact your lawyer as soon as if not before you agree to buy a property. If not enough time is allowed for the finance condition, or from unconditional date to settlement date, this can cause big problems. If the application has been filled out incorrectly, or does not include the correct supporting documentation, this can create extra delays in processing the application.
The KiwiSaver providers take no liability for delays in processing applications. If the funds have not arrived from the KiwiSaver provider in time for settlement, they cannot be used towards the purchase.
You as the purchaser cannot get a loan from somewhere else to cover the shortfall for settlement and then use your KiwiSaver to repay that shortfall loan.
If you do choose to cover the shortfall and complete the sale on settlement day without the KiwiSaver funds, those funds will be locked away until you retire. Get pre-approval from your KiwiSaver as to how much money you can withdraw — this will prevent costly mistakes that can arise from assumptions as to how much you can withdraw.
In the Agreement for Sale and Purchase — allow at least working days for the purchaser to finalise Finance conditions. Allow at least 10 working days from the date the agreement goes unconditional until settlement date. The Government is currently supporting three other schemes to help first home buyers to purchase property.
Each of the schemes have different criteria and help in different ways. These schemes include:. Do you need assistance with a property purchase involving KiwiSaver?
We can help guide you through the process and ensure it all goes smoothly — contact property law expert, Fiona Taylor today. Fiona is a qualified as a legal executive, specialising in residential conveyancing. She joined Smith and Partners in and has been helping people buy and sell property for over 30 years.
Fiona is passionate about helping make the process Read More ». Mar 13, Read more ». Jun 24, Read more ». Mar 16, Read more ». May 29, Read more ». For first home buyers a KiwiSaver withdrawal can be a great kick start to saving enough money for your mortgage deposit. Below we answer your frequently asked questions — from the rules and eligibility criteria, through to how to make sure the process is smooth and stress free.
Who can withdraw money from KiwiSaver to buy a house? To be eligible to for the KiwiSaver First Home Withdrawal Scheme you must: Be purchasing your first home; Have been a member of KiwiSaver for a minimum of three years; Have your KiwiSaver account with a KiwiSaver provider that allows saving withdrawals; and Intend to live in the property for at least six months We recommend that you contact your individual KiwiSaver provider and check their individual policy on withdrawals for first homes.
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